My purpose for writing this blog is to help improve health and create wealth for those who read it. I will write about insurance, investment, healthcare, current affairs and about myself. Should you have enquiry, drop me an email at akhiat@pacific.net.sg.

Monday, October 12, 2009

I am quite disappointed when someone wrote in his blog as if agents are unethical by selling Shield Plans. I like to be transparent as of how much I will earn from a Shield Plan to illustrate that no adviser of sound mind will wants to be unethical using Shield Plans.

I hope those who read this posting understand that the adviser who took hours to patiently explain the features, who filled up 30+ pages of documentation works in compliance with MAS regulations, who negotiate with the underwriters for substandard cases, who helped with all type of queries, who helped with claims, who update on changes, etc are NOT earning a lot of money. He is really helping people and not trying to be unscrupulous by scaring people to buy a medical insurance. If he is unethical, he will rather spend his time telling them about ILPs or Whole Life policies.I swear that it is a lot of work for an adviser who have hundreds of clients under Shield plans.

I take the Enhanced Incomeshield as an illustration based on age 1 and 55 for Plan Basic and Preferred.

Premium for Age 1Medishield - $33(Not sure if they include GST)Basic - $70 ($65.42 before GST)

If based on Plan Preferred, I'll get more. Using the same calculation, I'll getAge 1 - $22.95 First year / $3.42 RenewalAge 55 - $90.72 First year / $13.56 Renewal

I have many clients below age 40 who like the plan preferred but very rarely for those above 50 who are willing to pay such premium.

Not only we don't earn much, our chances of not earning a single cent is very high, especially for clients above 50 as they would have many pre-existing conditions which make underwriting very difficult. The client may give up in the end.

I hope when you look at the advisor who are just doing your Shield Plan, treat him nicely and don't look at him as if he makes a lot of money from you. But of course, he must do his part as an adviser too.

Thank you for visiting my blog

Khiat Han Hwee Adrian

I worked as a Shipping Executive before I switched to be a Financial Adviser 5 years ago. My job was very stable then but I wasn't happy with my 9-5 routine. I eventually pursued this career because I found meaning in helping people with their finance, especially towards insurance and investment planning.

It took my family and friends by surprise because I am known to an introvert who couldn't string words properly. My family are dead against it because they felt that I can't survive the industry and that I had wasted my education and a good career.I have an average IQ and certainly not the most knowledgable adviser. However, I assure my professionalism and integrity to give my clients the best value. Do drop me an email if you like to seek my opinion on your finance.